>> friendly titans clashing! the president of the united states and the speaker of the russia house of representatives. at issue, the legal limit on the amount of money the u.s. federal government can borrow at this point in time. in other words, the debt ceiling. the ceiling or limit is now $14.29 trillion. the white house and congress have until august 2 to raise the debt ceiling. two weeks from this coming monday, midnight is the deadline. without upping the ceiling, the u.s. will be unable to borrow the money it needs to pay its obligations. then this catastrophe. >> fairly soon after that date, they wou there, would have to be significant cuts in social security, medicare, military pay or some combination of those. >> mr. obama and mr. boehner had been working on an agreement, but that deal ran into one key obstacle, taxes.